Chin Hin to raise up to RM61.2m

PETALING JAYA: Chin Hin Group Bhd proposes a private placement exercise to raise up to RM61.21 million for construction and expansion of manufacturing facilities as well as future expansion plans.

The company will be issuing 50.59 million new shares, comprising up to 10% of its issued shares for the private placement.

Chin Hin told Bursa Malaysia that of the proceeds, RM12 million will be used to construct a manufacturing and operations facility for G-Cast Concrete Sdn Bhd in Kota Tinggi, Johor.

The company also intends to spend RM6.2 million on the expansion and purchasing of equipment for its Rawang facility, while RM2.7 million will be used for the same purpose for its Batu Pahat facility.

Meanwhile, RM23.6 million will be used to repay bank borrowings, RM10 million for future expansion and RM5.32 million for working capital.